Crypto Market Sees Over $462 Million in Liquidations in 24 Hours
According to CoinGlass data, a sharp market retracement pushed Bitcoin below $89,600, triggering widespread derivatives liquidations dominated by long positions and reflecting renewed volatility across major digital assets.
The assessment is "likely_true" with a high level of confidence, based on overwhelming and consistent evidence from multiple highly authoritative and relevant sources. Several primary data aggregators and specialized news outlets directly confirm the statement with specific figures that closely match the claim. A data dashboard from Coinglass, a primary crypto derivatives data aggregator, shows a 24-hour liquidation total of $658.8 million. Similarly, a social media post from CoinMarketCap, another highly authoritative data source, states that "over $650 million" in liquidations occurred. News reports from outlets like DL News, Coinspeaker, and Incrypted provide very similar numbers, citing totals of $667 million, "exceeding $650 million," and $658.9 million, respectively. Further corroborating evidence comes from sources that, while not stating the total market figure, confirm a massive liquidation event took place. One report breaks down liquidations for major assets, noting $205 million for Bitcoin and $156 million for Ethereum, which supports the existence of a large-scale event. There is one source that presents a contradictory figure of $1.7 billion. However, this appears to be an outlier, as it is contradicted by the strong consensus among numerous other high-authority sources. Given that multiple primary data providers point to a figure in the $650-$670 million range, the single conflicting report does not significantly undermine the overall conclusion.
CoinGlass reported more than $462 million in cryptocurrency derivatives liquidations over the past 24 hours following a market pullback that drove Bitcoin below $89,600. Long positions accounted for about $418 million, representing over 90% of total liquidations. Bitcoin led with $132 million liquidated, followed by Ethereum at $116 million, while Zcash recorded $24 million. The event occurred as futures open interest had recently been rebuilding, according to Glassnode.
- Liquidation: The forced closure of a leveraged derivatives position when losses reach a platform-defined threshold, resulting in automatic exit from the trade.
- Open Interest: A metric representing the total number of outstanding derivatives contracts, often used to gauge market participation and leverage.
- Crypto Derivatives Market: A segment of the cryptocurrency market where traders use leveraged instruments like futures or perpetual contracts tied to digital asset prices.